Published: Aug 18, 2022
Focus: MEIF Maven Debt Finance
Maeving, an innovator of electric motorcycles, has secured a £1 million funding package from MEIF Maven Debt Finance.
Maeving’s new RM1 model, launched in June, is a British designed and built electric motorbike aimed at the urban, environmentally conscious commuter. The RM1 combines British heritage styling with the practicalities for every day use including a removable, light-weight battery chargeable from any plug socket and offers the choice of a second battery to extend the range from 40 to 80 miles.
The global electric motorcycle market is valued at $58.37 billion and is growing quickly driven by increased regulation to lower emissions and the rising consumer demand for greener transport options.
The funding from MEIF Maven Debt Finance will support the business in its early stages of growth by providing working capital to assist with the launch of the RM1 and to invest in recruitment of marketing and engineering talent. This will enable Maeving to focus on further product development alongside the promotion of the RM1through digital advertising and media channels.
Maeving was introduced to Maven by Chris Lawes, Planning & Inward Investment Advisor at the CWLEP Growth Hub, who has been supporting the business through signposting and introductions within the local area. The Coventry and Warwickshire Local Enterprise Partnership (CWLEP) Growth Hub was set up to support the regional growth of SMEs and Chris also provided help with Maeving successfully applying to Coventry City Council for a £49,800 Investment Fund grant from the Coventry and Warwickshire Business Support Programme, which is part funded by the European Regional Development Fund.
“This is a fantastic opportunity for Maven and the MEIF to support the team at Maeving at this exciting time with the launch of the RM1 and we look forward to being a part of their growth journey in producing stylish products that support sustainable travel and challenge the future of transport.”
Richard Blount, Investment Director for Maven
“We are thrilled to have received this support from Maven at such an important time for the business. The investment will allow us to scale the business quickly, getting more people onto electric vehicles at a crucial moment in the fight against climate change.”
Will Stirrup, Joint Chief Executive for Maeving
“MEIF funding provides companies such as Maeving with the tools to further expand their business and in this case support during early-stage growth of an innovative new product. This is another example of how MEIF is supporting small businesses in the region, including those with a focus on innovation and sustainability.”
Mark Wilcockson, Senior Investment Manager at the British Business Bank
“Coventry and Warwickshire is the home of future mobility technologies, with a long track record in design, engineering, and production excellence. Maeving’s electric motorcycles are perfect for urban travel which also help towards meeting net zero targets and improving the environment.
“At the Growth Hub, we are here to help new businesses moving to Coventry and Warwickshire as well as established firms of all sizes and in all sectors with a wide range of support and information.”
Chris Lawes, Planning & Inward Investment Advisor at the Coventry and Warwickshire Local Enterprise Partnership (CWLEP) Growth Hub
“The Growth Hub has fantastic support available for businesses and I’m very pleased to hear that its support has resulted in a more sustainable and environmentally friendly motorbike being produced.
“We all know how important greener travel is and this is a quickly-developing sector, so it’s great Coventry is at the forefront of innovation.”
Cllr Jim O’Boyle, Cabinet Member for Jobs, Regeneration and Climate Change at Coventry City Council